Nasdaq plummets to two month low

Nasdaq has experienced its worst opening since July, declining by 1.07 percent (48.70 points) to 4,518.90. The drop is a consequence of lackluster performance in the tech industry, with numerous tech firms reporting significant falls, including Microsoft, Netflix, Facebook, Twitter, and Yahoo Inc.

The Internet giants Facebook and Netflix both fell by 4% and Microsoft’s shares dropped by 45 cents to $46.24, which is thought to be caused by the confirmation of its acquisition of the game company Mojand (the developer of the game Minecraft).

“Growth is being sold today with both hands, whether it’s nervousness over the Fed, or in order to raise funds for the Alibaba allocation. If I’m going to get a million shares of Alibaba, I need to have money to buy that. If I need to sell five other stocks to raise that money, I will.”

It should be noted that Yahoo has a 23 percent stake in Alibaba and it is predicted to be worth much more next week than it is now.

However, despite the tech industry experiencing a plummet, the Dow Jones Industrial Average (DJIA) increased by 0.26% (43.6 points) to 17,031.14 at the end of the day.